A new advertising campaign is challenging the product transparency of South Africa’s financial institutions, and educating consumers in the process.
The #NothingToHide hashtag has been popping up all over the media lately, prompting consumers to question just how much local credit providers are keeping from them when it comes to credit life insurance pricing and terms & conditions.
The billboards anonymously challenged banks to be more transparent.
An unbranded teaser message ran for two weeks, before it was unveiled that the campaign was developed for Yalu Financial Services by advertising agency Think Creative Africa.
Yalu is challenging South Africa’s dominant financial brands to become more open about their products so customers are clear about every detail of the contract.
“Product transparency and consumer education go hand in hand,” says Tlalane Ntuli, co-founder and chief operating officer of Yalu. “Only when consumers are aware of how murky things are and how much money they are potentially losing will they demand greater transparency from banks – and only then will credit life insurance providers be forced to improve.
“It’s too easy to call for change, yet sit back and do nothing yourself,” concludes Ntuli. “At Yalu we see this campaign as our opportunity to set a new transparency benchmark in the South African financial sector. From strategic decisions through to product pricing and the way brands choose to communicate with consumers, change is very obviously required in our financial sector. We’re delighted to be the ones leading the process.”